1. Technical Field
The present invention relates generally to document authentication, and more particularly, to point-of-sale paper currency, i.e., bill, authentication.
2. Related Art
Improved document reproduction techniques have made it possible to create near perfect duplicates. While these techniques are generally beneficial to society, they provide an unfortunate ability for counterfeiting of money (or cash) in the form of paper currency such as bills, notes, stocks, bonds, etc. One type of counterfeit paper currency that poses immediate danger to commerce is that of large denomination bills, e.g., US paper currency over $10. The entities most often damaged by counterfeit bills are merchants such as retailers, restaurateurs, etc. However, counterfeit paper currency also presents a number of problems for individuals and government.
In terms of merchants, some merchants minimize their exposure to the problem by avoiding large denomination bills. That is, they do not accept any bills above a certain denomination. This approach, however, is inconvenient to customers, which any merchant wants to avoid being. Other merchants take the approach of relying on the awareness of a point-of-sale terminal operator to detect fraudulent paper currency. Unfortunately, even the most aware terminal operator is incapable of detecting high quality, but fraudulent paper currency. Real-time credit card currency monitoring systems are ubiquitous in modem day commerce, but these systems do not extend to cash transactions. Paper currency transactions also pose a danger to merchants in terms of theft or disaster because, conventionally, no complete record of received bills ever exists. In these situations, lack of proof of bills received may result in an inability to track bills after theft and/or a denial of an insurance claim after a theft or a disaster.
Individuals may be cheated by fraudulent paper currency in the same manner as a merchant. Individuals, however, are oftentimes even less knowledgeable about fraudulent paper currency. The result is that individuals are also less prepared to address situations where they unknowingly receive and/or transmit fraudulent paper currency.
Government policing of fraudulent paper currency is also very difficult. For example, while the US and other governments are actively involved in fighting counterfeiting, policing activities are almost always post-transaction—after someone has been cheated. Again, a lack of a record of bills stolen prevents identification later.
In view of the foregoing, there is a need in the art for a way to provide real-time, paper currency authentication and recordation at a point-of-sale terminal.